Rocket Internet Backed Property Listing Portal Lamudi Raises $18M

Image Source: Lamudi Android App

Image Source: Lamudi Android App

Rocket Internet-backed online property listing portal for emerging markets Lamudi has raised $18 million in funding led by Asia Pacific Internet Group which is a joint venture of Rocket Internet and Ooredoo; Holtzbrinck Ventures and current investor Tengelmann Ventures. The new funding will be used to grow operations across Asia and Latin America. In April 2014, Lamudi secured $7 million in funding from Tengelmann Ventures and other investors.

Launched in October 2013, Lamudi operates in 32 countries globally across Asia, Africa, the Middle East and Latin America with over 800,000 real listings. It allows property brokers to list home for sales and rent. In Asia, it directly competing against PropertyGuru and iProperty. The company now has property platform in Bangladesh and Myanmar, with better growth also seen in its Pakistan, Philippines, Sri Lanka and Indonesia branches throughout 2014.

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